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Purchase of this book includes free trial access to www.million-books.com where you can read more than a million books for free. This is an OCR edition with typos. Excerpt from book: business is no one’s ; and where money of all things is dealt in, and its loss made possible by an absence of proper organisation, no establishment, having such inherent defects, can expect to obtain any position in the public estimation, or to succeed. Every officer should have a defined position written and agreed upon, and when each part is perfect the whole will be. PEKNICIOtTS EFFECTS OF TOO MUCH COMPETITION IN COMMERCE AND BANKING—PROPOSED CHECK. The facilities which in these times are afforded by the numerous banks and companies to any one with the smallest means who chooses to dabble in business matters, foster to a most hurtful extent those elements which have for some time past acted most injuriously against the steady and natural fluctuation in the price of credit and capital in this country. The broad area of commercial affairs has of late years been immeasurably extended, with undue and unsafe rapidity. The new ground has been occupied by saplings, which in many, if not most cases, strike out into extensive engagements before their roots have got hold of the ground, and are swept away by the first breath which may be produced by unexpectedagitation in the commercial world. New companies, which are supported by the profits derived from such sources, may survive a few summers; but when the traders, upon whose business their existence depends, are struggling to establish themselves upon ground that is already occupied, they can only expect a brief career, progressing to a certain point which will not be considered satisfactory by the shareholders for any length of time, and the inevitable winding up will be the only course left open. To decide to what extent precisely, both banks and merchants can be established with benefit to themselves and the community at la…
A Practical Treatise on Banking, Currency, and the Exchanges
